China Is Leading The Global Battery Electric Vehicle Race

Over the last ten years, China has become the global battery electric vehicle (BEV) forerunner, increasing its annual sales of fully-electric cars from roughly 10,000 in 2012 to 4.4 million in 2022. As Statista’s Florian Zandt shows in the chart below, based on data from the Global EV Data Explorer maintained by the International Energy Agency, three out of the five countries with the most BEVs sold last year have been part of the top 5 ever since e-mobility turned from a marketing buzzword to a tangible effort towards reducing CO2 production in…

Read more at: https://oilprice.com/Energy/Energy-General/China-Is-Leading-The-Global-Battery-Electric-Vehicle-Race.html

How Shipping Lines Sustain Rates Despite Surging Capacity

Via Metal Miner In recent years, market analysts, considerably widened the parameters they track to assess growth in countries, regions, and globally as far as container shipping goes. In this case, “analysts” includes more than just economists as there is currently a wider community conducting such evaluations.   Unlike the past, these individuals now track all kinds of consumer data that provide real-time indications of economic activity. Examples include things like credit card payments, train miles traveled, and power…

Read more at: https://oilprice.com/Energy/Energy-General/How-Shipping-Lines-Sustain-Rates-Despite-Surging-Capacity.html

Who Will Solve The Water Conflict Between Iran And Afghanistan

In late May, shots were exchanged by Iran’s Revolutionary Guards and the Taliban near a border post in Iran’s Southwest Nimroz province. Each side blamed the other for starting the gunfight that killed two Iranians and an Afghan. The situation was de-escalated, but it came one day after Iran’s president, Ebrahim Raisi, accused Afghanistan of restricting the flow of water from the Helmand River, which flows from Southwest Afghanistan to Eastern Iran. (Iran’s special representative to Afghanistan claimed Iran has only…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Who-Will-Solve-The-Water-Conflict-Between-Iran-And-Afghanistan.html

Explaining The Heat Wave: Separating Weather From Climate Change

I intended for this column to be a discussion about global carbon dioxide emissions. However, I received quite a bit of feedback on my previous column on the Phoenix heat wave, and I want to address that first. The objections were aimed at my contention that one of the factors involved in the heat wave, is the steadily growing concentrations of carbon dioxide in the atmosphere. This topic always stirs strong emotions in people. The oddest response to me is always “I don’t believe in climate change”, as if we are talking about…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Explaining-The-Heat-Wave-Separating-Weather-From-Climate-Change.html

American Gasoline Prices Suddenly Soar On Heat Wave

U.S. national average gasoline prices spiked over 16 cents last week, hitting $3.72 per gallon, according to data from GasBuddy, while AAA put the average price per gallon on Monday at $3.757.  At the same time, the past week has seen diesel prices increase 15.5 cents to $3.99 per gallon, with AAA reporting a price of $4.036 on Monday. GasBuddy data is compiled from more than 11 million individual price reports from over 150,000 gas stations nationwide.  “Gas prices suddenly soared over the last week due to heat-related refinery…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/American-Gasoline-Prices-Suddenly-Soar-On-Heat-Wave.html

The U.S.’s Hopes In Iraq Have Ended With The Oil-For-Gas Deal With Iran

Ever since the U.S. officially ended its ‘combat mission’ in Iraq on 31 December 2021, it has been looking for a way back into the huge but still relatively untapped oil and gas regions of the country, as analysed in depth in my new book on the new global oil market order. Iraq knows this perfectly well and has sought since then to exploit this need for money from the U.S. whilst having no intention of allowing it to return in any meaningful way. Many analysts trace this reluctance back to the U.S.’s invasion of Iraq in 2003…

Read more at: https://oilprice.com/Energy/Natural-Gas/The-USs-Hopes-In-Iraq-Have-Ended-With-The-Oil-For-Gas-Deal-With-Iran.html

British PM Says North Sea Drilling Bonanza Will Move Forward

As a battle over British energy sources intensifies, UK Prime Minister Rishi Sunak on Monday said the expansion of oil and gas drilling in the North Sea would go forward to ensure the country’s energy security.  At the same time, and with the need to appease mounting opposition to these plans, the prime minister announced plans for the construction of two new CCS (carbon capture and storage) sites in the North Sea, to add to the two existing facilities. The new facilities are expected to be completed by 2030. Sunak has insisted that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/British-PM-Says-North-Sea-Drilling-Bonanza-Will-Move-Forward.html

Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally

The prospects of China’s oil demand and expected further economic stimulus in the world’s top crude importer have played the biggest role in the oil price rally in July, according to Goldman Sachs. Oil prices were rising early on Monday ET and headed to the strongest monthly gain since January 2022, with Brent trading above $85 and WTI up 1% to above $81 per barrel.   The negative sentiment about China’s post-Covid recovery and oil demand from earlier this year has turned into a positive view on the oil market for the…

Read more at: https://oilprice.com/Energy/Oil-Prices/Goldman-Sachs-China-Is-The-Biggest-Driver-Of-The-Oil-Price-Rally.html

The U.S. Sees Record-High Gas Deliveries To LNG Export Terminals

Deliveries of natural gas via pipelines to liquefied natural gas (LNG) export facilities in the United States hit a record high in the first half of 2023, averaging 12.8 billion cubic feet per day (Bcf/d), per data by S&P Global Commodity Insights reported by the Energy Information Administration on Monday. Between January and June 2023, LNG feed gas averaged 8% more than the 2022 annual average and 4% more than the same period in 2022, the EIA noted. High demand in Europe in April saw LNG feed gas hit a monthly record that month, at 14.0 Bcf/d.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-US-Sees-Record-High-Gas-Deliveries-To-LNG-Export-Terminals.html

Saudi Arabia Is Cooking Up A Surprise For The Oil Markets

Recent production cuts by Saudi Arabia are beginning to take a toll on the nation’s economy, according to the IMF’s latest World Economic Outlook. The Kingdom’s 2023 GDP growth projections have been significantly reduced, now expected to reach only 1.9%, down from the previously projected 3.1% in May. The IMF attributed this downgrade to the production cuts announced in April and June as part of the OPEC+ agreement. Despite efforts to diversify the economy with Vision 2030, Saudi Arabia remains heavily reliant on hydrocarbon revenues, with the…

Read more at: https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Is-Cooking-Up-A-Surprise-For-The-Oil-Markets.html

Biden Administration Proposes Hike In Fuel Economy Standards

The Biden Administration is proposing raising the fuel economy standards for passenger vehicles and light trucks by 2032 in an effort to reduce fuel consumption and emissions.   The U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) proposed fuel economy standards for passenger cars and light trucks and fuel efficiency standards for model years 2027-2031 that increase at a rate of 2% per year for passenger cars and 4% per year for light trucks. NHTSA is also proposing new fuel efficiency standards…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Proposes-Hike-In-Fuel-Economy-Standards.html

Ford Suffers $4.5 Billion Setback Amid Tesla’s Aggressive Pricing

As we first noted last week, Ford is slated to lose $4.5 billion from its EV segment this year, a $1.5 billion larger loss than the company had expected.  So far this year, the division has lost $1.8 billion and this year’s $4.5 billion loss figure blows away last year’s $2.1 billion loss. Ford also announced that its electric F-150 pickup trucks will undergo a price cut, according to Fox. Ford beat earnings on Thursday and reported adjusted EPS of $0.72, beating expectations of $0.54. It posted revenue of $45 billion and adjusted EBITDA…

Read more at: https://oilprice.com/Energy/Energy-General/Ford-Suffers-45-Billion-Setback-Amid-Teslas-Aggressive-Pricing.html

Russia On Course To Drill Record Number Of Oil Wells Despite Sanctions And Cuts

Russian oil producers accelerated the drilling of production wells in the first half of this year despite the Western sanctions and Moscow’s pledge to reduce output by the end of the year and cut exports in August, data seen by Bloomberg showed on Monday. Russian exploration and production companies drilled more overall length of production wells in the first half of 2023 than in the same period last year and than the drilling target, the data showed. The total length of newly drilled wells rose by 8.6% year over year between January and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-On-Course-To-Drill-Record-Number-Of-Oil-Wells-Despite-Sanctions-And-Cuts.html

Iran Boosts Oil Output To 3.1 Million Bpd

Iran’s oil output has jumped to the highest in nearly five years, to 3.1 million barrels per day (bpd), a member of the energy committee at the Iranian Parliament was quoted as saying this weekend. Iran has boosted output by nearly 1 million bpd since President Ebrahim Raisi took office in August 2021. Iranian oil production increased from 2.2 million bpd back then to 3.1 million now, Hossein Hosseinzadeh, a member of the energy committee at the Iranian Parliament, the Majlis, told Iranian news agency IRNA. According to estimates by Argus,…

Read more at: https://oilprice.com/Energy/Energy-General/Iran-Boosts-Oil-Production-To-31-Million-Bpd.html

UAE’s ADNOC Brings Net Zero Target Forward To 2045

Abu Dhabi National Oil Company (ADNOC) is bringing forward its target for net-zero emissions to 2045, from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045, the producer of nearly all the oil in the United Arab Emirates (UAE) said on Monday. ADNOC also pledged to achieve zero methane emissions by 2030. The new targets come as the UAE is preparing to host the COP28 climate summit later this year. The president-designate of the COP28 summit is ADNOC’s group CEO Sultan Ahmed Al Jaber.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAEs-ADNOC-Brings-Net-Zero-Target-Forward-To-2045.html

S&P 500, Nasdaq notch modest gains Monday, rise for the fifth straight month: Live updates

The stock market is poised to wrap up the month of July with strong gains.

Read more at: https://www.cnbc.com/2023/07/30/stock-market-today-live-updates.html

Banks say conditions for loans to businesses and consumers will keep getting tougher

The Fed’s closely watched Senior Loan Officer Opinion Survey showed that while credit conditions got more strict, demand declined as well.

Read more at: https://www.cnbc.com/2023/07/31/banks-say-conditions-for-loans-to-businesses-and-consumers-will-keep-getting-tougher.html

Peltz, Druckenmiller, Navarro give big to Tim Scott PACs as DeSantis falters

A Tim Scott super PAC got almost $1 million from Nelson Peltz, Jeffrey Yass and Stanley Druckenmiller, with another $5 million to a Scott PAC from Ben Navarro.

Read more at: https://www.cnbc.com/2023/07/31/gop-billionaires-flood-tim-scott-pacs-as-desantis-campaign-stalls.html

Elon Musk’s X Corp. seen taking down giant glowing sign in San Francisco

City officials said in a complaint they were told by X, formerly known as Twitter, that the structure was a “temporary lighted sign for an event.”

Read more at: https://www.cnbc.com/2023/07/31/elon-musks-x-corp-seen-removing-giant-glowing-sign-in-san-francisco-.html

Biden administration launches new SAVE student loan repayment plan. Here’s how to apply

The Biden administration has launched a beta application for its new SAVE income-driven repayment plan for student loan borrowers.

Read more at: https://www.cnbc.com/2023/07/31/how-to-apply-for-bidens-new-save-student-loan-repayment-plan.html

This is the biggest risk to the market rally through year-end, Raymond James says

Commodity inflation seems to be rearing its ugly head.

Read more at: https://www.cnbc.com/2023/07/31/this-is-the-biggest-risk-to-the-market-rally-through-year-end-raymond-james-says.html

Apple’s iPhone 15 Pro will reportedly feature new charging port, titanium edges

The iPhone 15 and iPhone 15 Plus will be compatible with USB-C charging in order to comply with regulation from the EU, according to a report from Bloomberg.

Read more at: https://www.cnbc.com/2023/07/31/apples-iphone-15-pro-will-have-usb-c-charging-titanium-body-report.html

SEC sues entrepreneur for allegedly defrauding crypto investors out of millions: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Jack O’Holleran, a co-founder and the CEO of Skale Labs, discusses the growing scrutiny around Worldcoin and the competition for attention between A.I. and crypto.

Read more at: https://www.cnbc.com/video/2023/07/31/sec-sues-entrepreneur-allegedly-defrauding-crypto-investors-millions-cnbc-crypto-world.html

Cannabis companies Cresco, Columbia Care call off $2 billion merger as industry awaits banking reform

The termination comes as the cannabis industry struggles to scale as it awaits crucial federal and banking reform.

Read more at: https://www.cnbc.com/2023/07/31/cresco-columbia-terminate-cannabis-merger.html

NIH to test Pfizer’s Paxlovid, other treatments as potential long Covid therapies

There is no proven treatment for long Covid-19, which can cause a range of debilitating symptoms in millions of Americans.

Read more at: https://www.cnbc.com/2023/07/31/nih-to-test-pfizer-paxlovid-other-treatments-as-long-covid-therapies.html

America’s first new nuclear reactor in nearly seven years starts operations

The third nuclear reactor at the Vogtle plant in Georgia began commercial operation on Monday, the first nuclear reactor to start in the US in almost 7 years.

Read more at: https://www.cnbc.com/2023/07/31/vogtle-unit-3-nuclear-reactor-long-delayed-starts-delivering-power.html

Boos, corn and criminal charges: Trump and GOP rivals storm Iowa

Former Texas Rep. Will Hurd was booed as he left the stage after throwing the strongest punch of the evening at Trump.

Read more at: https://www.cnbc.com/2023/07/31/trump-takes-on-desantis-and-rivals-at-iowa-gop-dinner-as-charges-loom.html

What is Section 702? Congress is debating the controversial surveillance power

The Biden administration has pressed Congress to renew Section 702 before it expires at the end of the year, arguing that it is a critical national security tool.

Read more at: https://www.cnbc.com/2023/07/31/what-is-section-702-congress-is-debating-the-controversial-surveillance-power.html

Shots Fired: Twitter Explores Lawsuit Against Pro-Censorship Operatives

Shots Fired: Twitter Explores Lawsuit Against Pro-Censorship OperativesTwitter parent company X corp is exploring a lawsuit against the Center for Countering Digital Hate (CCDH), a UK-based dark money nonprofit run by a far-left British Labour Party operative named Imran Ahmed.

Earlier this month journalist Paul Thacker dropped a Twitter files exposé via The Disinformation Chronicle in which we learn that pre-Musk Twitter employees took action against several conservative accounts after the CCDH released a report alleging that just 12 accounts produced the majority of anti-vaccine disinformation on social media.

Facebook, meanwhile, rejected the report, saying in a statement that “There isn’t any evidence to support this claim.”

Who is funding this organization? They spread disinformation and push censorship, wh …

Read more at: https://www.zerohedge.com/political/shots-fired-twitter-explores-lawsuit-against-pro-censorship-operatives

Justice Jackson Accused Of Second Glaring False Claim In Affirmative Action Dissent

Authored by Jonathan Turley,

We previously discussed how Justice Ketanji Brown Jackson included a false claim to support her dissent in the Court’s recent opinion barring racial discrimination in college admissions. Now, the justice is accused of a second false claim derived from the same source: the amicus brief of the Association of American Medical Colleges (AAMC).

Notably, however, the media is still citing the first error as proof that race-blind admissions will kill Black citizens.

In her prior error, Jackson claimed that affirmative action has been shown to “save lives” by all …

Read more at: https://www.zerohedge.com/political/justice-jackson-accused-second-glaring-false-claim-affirmative-action-dissent

Soft-On-Crime San Francisco Cracks Down – On Musk’s “X” Logo

While soft-on-crime San Francisco DA Brooke Jenkins has made it clear that it’s open season for criminals, one thing the city won’t tolerate is unpermitted changes to signage from political opponents.

After Elon Musk installed a giant “X” logo on top of his rebranded company’s downtown headquarters (which Musk says he has no intention of moving despite the city’s ‘doom spiral’) – city officials launched an investigation following two active complaints at 1355 Market Street, one of them being for an unpermitted structure on the roof.

Our HQ in San Francisco tonight pic.twitter.com/VQO2NoX9Tz

Read more at: https://www.zerohedge.com/political/soft-crime-san-francisco-cracks-down-twitters-x-logo

Yellow’s Demise: Two Decades In The Making

Authored by Todd Maiden via FreightWaves.com,

The biggest bankruptcy in U.S. trucking history could occur in the coming days when the nation’s third-largest less-than-truckload carrier, Yellow Corp., files. The company ceased all operations at noon on Sunday, and leadership representing its Teamsters workforce said it had been notified of a pending bankruptcy filing.

The company is still shopping a small 3PL unit, which may delay a filing. However, it laid off most of its nonunion workforce last week and told union employees on Sunday afternoon not to show up.

While the Nashville, Tennessee-based company saw operations deteriorate rapidly in recent months as it unsuccessfully attempted to push through operational changes with its union workforce, its ultimate failure was anything but sudden.

Read more at: https://www.zerohedge.com/economics/yellows-demise-two-decades-making

Savings: Banks with lowest rates will face action, watchdog warns

The UK’s financial regulator says it will take “robust action” if banks offer unjustifiably low rates.

Read more at: https://www.bbc.co.uk/news/business-66311343?at_medium=RSS&at_campaign=KARANGA

Etsy accused of ‘destroying’ sellers by withholding money

The online marketplace has come under fire for putting 75% of sellers’ takings on hold for 45 days.

Read more at: https://www.bbc.co.uk/news/business-66201042?at_medium=RSS&at_campaign=KARANGA

What is an oil and gas license?

The government is offering energy firms North Sea permits but what do they allow them to do?

Read more at: https://www.bbc.co.uk/news/business-66358380?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Tuesday

The Nifty ended 108 points higher at 19,754 on Monday, while the Sensex advanced by 367 points. Outperforming its broader counterparts, the Nifty Midcap 100 reached a new intraday record high

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-tuesday/articleshow/102285913.cms

5 read-across for Indian IT from Capgemini’s June quarter performance

CAP’s revenue growth was better than Indian IT peers in the June quarter because it has higher exposure to Europe and verticals where demand is still resilient

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-read-across-for-indian-it-from-capgeminis-june-quarter-performance/articleshow/102284344.cms

LIC Mutual Fund completes takeover of IDBI MF schemes

LIC MF had an AUM of Rs 18,400 crore and IDBI MF had Rs 3,650 crore as of June. After completion of the merger, out of 20 schemes of IDBI MF, 10 schemes will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on standalone basis, which will take its total scheme count to 38

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/lic-mutual-fund-completes-takeover-of-idbi-mf-schemes/articleshow/102285682.cms

The Fed: Banks have been making it tougher for consumers and companies to borrow money

Major banks made it tougher for borrowers to qualify for a loan in the spring — and lending standards are likely to get even tighter by the end of the year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723C-7487ECA5A324%7D&siteid=rss&rss=1

Quest Diagnostics launches first at-home blood test to assess risk of developing Alzheimer’s disease

A simple test can detect the brain protein beta amyloid that is linked to the progression of Alzheimer’s disease.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723C-046909D6E0E9%7D&siteid=rss&rss=1

Market Extra: Regional bank ETF’s massive July jump puts it on pace for strongest month since 2016 after rough ride in 2023

An exchange-traded fund that invests in regional bank stocks is continuing to recover from a bruising fall earlier in 2023.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723C-7533CF60BFF1%7D&siteid=rss&rss=1